Michael Lynn hit the press again as new allegations and issues arose in Hungary where a development owned by him has ceased construction and there are fears that many innocent parties in Ireland have lost huge amounts of personal savings, some of which is probably SSIA’s.
I wrote in a previous article that if he had any sense he would sell off foreign assets or the companies behind them and keep liquid only those out of European jurisdiction, I think the guy must read my blog, he’s been doing all of it exactly as its written. On November 30th he sold the company to a Cypriot business.
This could be a way of ensuring that his foreign empire is not touched because if the Cyprus business is owned/operated by a friend then he could still maintain effective control without ever having to be in Hungary or anywhere else, the conversation would be along the lines of ‘if you help me you get 40% of the profit, just tell the cops to get stuffed and sell the units asap’.
There is of course no way of proving who he does and doesn’t know, but because the buyer shared an office with the seller I would assume instantly that there is some collusion afoot.
Then there is the contention about the family home: also covered in a previous blog. The place was emptied out so the sheriff walked away practically empty handed and now Lynns wife, Brid Murphy, is contesting the siezure.
The banks will be hard hit no doubt, but they at least have insurance (although depending on how they did their lending I’m not sure they would pay out), what about the regular Joe who got it in the neck because of this? The banks can repossess properties, albeit ones that may be of lesser value, but who protects the people who invested privately? For that reason I think that while injunctions et al are being made that private individuals get in their and lay their claim as well.
Even better, put an award out there for his capture, if everybody puts in a bit the pot would get very big very fast, and of course an extra few quid if his legs are broken before delivery. There are enough hungry turn coats in the world that you could safely assume he’d be returned within a week, he’d probably hand himself in depending on the level of criminal who was chasing him for the reward.
The thing this really raises is the instant need for a fully operational Property Regulator, we do have one now that its 2008 and about ten years too late but they need to flex fast and hard to clean up an industry which is so sullied on so many fronts that you can’t tell one side from the other.